e-KYC for opening a bank account

Visa group and Unique Identification authority of India tie up for giving the consumers best and fast services. In India, opening a bank account is not a cup of tea. One needs to produce many documents to fulfill the requirement of KYC (Know your customer). Moreover, the ball is in bank court to open or reject the opening form of the customer as if bank feels something fishy.

Now with this tie up one can open the bank account electronically. We call this e-KYC. In this system one need to give his/her Aadhar card 12 digit number, one photograph and give contact details etc. and the account will open instantly. This will completely the paperless work.

Bank will take some other information such as if the consumer wish to take any loan; income level etc. and the VISA card will be issued to the consumer instantly.

This will boost the banking system as well because there are many groups in line for applying the banking license as RBI has make soft the banking rules for open new banks.

Opening an account easy is the welcome step for the people too as it will save both the time and hassle to visit the bank, produce original as well as the Xerox copy of the document. Banks are very strict with the documents and they need two proofs, one for ID proof and second for residence proof. There is a large number of paper, terms and conditions on which people need to sign for having a bank account.

So this will reduce the pain of the common man for having a bank account.

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